News that a Malaysian Airliner was shot down quickly put upward pressure on the price of oil. West Texas Intermediate closed the week at $103.13 a barrel on the NYMEX on Friday – an increase of $2.30 from last week.
“Oil rose on concerns that violence could spread in response to the crash,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gas prices are currently falling more than a half cent a day, but geopolitical tension could slow the rate of discount at the pump this week.”
The national average price for a gallon of regular unleaded is 5 cents cheaper than last week and fell for the 23rd consecutive day on Sunday. Prices in Tennessee fell 4 cents last week. In Coffee County the low price in Manchester is $3.25 and Tullahoma’s low price per gallon is down to $3.23.